Chinese Automakers Experience Significant Growth in New Car Sales
Chinese automotive brands are steadily increasing their presence in Spain, particularly in the electric vehicle market. Data from industry associations including Anfac, Faconauto, and Ganvam reveals that in 2024, 21 Chinese brands sold a total of 66,608 vehicles in Spain. This remarkable growth represents a 3.15-fold increase in sales over just two years, while the overall market for new registrations grew by only 25%, surpassing one million vehicles last year following the resolution of supply chain issues.
Despite this rapid increase in sales, Chinese manufacturers still hold only a 6.55% share of the new car market. This figure shows a gradual improvement compared to 5.22% in 2023 and a mere 2.60% in 2022. Notably, if Volvo--controlled by the Chinese firm Geely--is excluded from these statistics, the share of Chinese brands drops to 4.76%, despite a remarkable fivefold increase in growth without this historical brand.
However, Chinese manufacturers continue to struggle in the electrified vehicle segment, where their technological advancements and competitive pricing are well recognized. For instance, in the non-plug-in hybrid category, which accounts for 32.29% of zero-emission vehicles registered in 2024, no Chinese models made it into the top ten best-selling vehicles, according to the Institute of Automotive Studies. Tesla remains the dominant player in the fully electric category, with its Model 3 and Model Y accounting for one-third of sales in this segment. Tesla's sales have also surged in the past two years, tripling to 16,680 units registered this year.
The number of Chinese brands operating in Spain has seen a significant rise, increasing from six in 2022 to 21 by 2024. Leading this charge are MG and BYD, which together control 75% of the market for Chinese cars. Other notable entrants include Omoda, which arrived in Spain at the end of 2023, and Lynk & Co, known for its subscription model.
MG, originally a British brand but under Chinese ownership since 2005, exemplifies the rapid growth of these companies in Spain. The MG ZS has become one of the top five best-selling cars in the country, ranking just behind popular models like the Dacia Sandero and Toyota Corolla. The hybrid version of this SUV is particularly appealing to consumers, accounting for two-thirds of the brand's sales. Following the ZS, the MG3 compact car and the HS SUV are also performing well, each selling nearly 3,000 units. BYD, with seven models available in 2024, sees its SUV Seal U emerge as the brand's best-seller, achieving close to 2,000 registrations last year.
Despite the strong performances of MG and BYD, they still trail behind the clear leader in the Spanish market: Toyota. In 2024, Toyota celebrated its third consecutive year as the most popular manufacturer among Spanish consumers, with nearly one in ten cars sold being produced by the Japanese company. Toyota's dominance is evident as it nearly doubles the sales figures of Chinese manufacturers. The Toyota Corolla ranks as the second most popular vehicle in Spain, alongside strong sales of the Yaris Cross, Yaris, C-HR, and RAV4. Toyota's strength is particularly pronounced in the non-plug-in hybrid (HEV) category, where it captures almost 18% of the market.
The shift in the automotive landscape has not gone unnoticed. The president of Anfac noted that the new electric vehicle market is dominated by Chinese brands and Tesla, highlighting the need for agility, dynamism, and technological disruption in this evolving sector. Data from 2024 corroborates this trend, as European manufacturers struggle to maintain a foothold in the electric vehicle rankings. Besides Tesla and MG, only BMW and Mercedes-Benz have managed to place models exceeding 1,000 sales each.
The only positive note for European manufacturers comes from the Volkswagen Group, whose Cupra Formentor ranks as the third most popular plug-in hybrid in Spain with over 3,000 units sold in 2024. Additionally, the Renault Austral has made its mark with nearly 12,000 registrations, placing it among the top seven non-plug-in hybrids.
When considering all vehicle technologies, European manufacturers still maintain a leading position. Stellantis, bolstered by brands like Peugeot, Citroën, and Opel, achieved total sales of 137,000 vehicles. Among this group, Leapmotor, a Chinese brand partially owned by a European giant, recorded 253 sales in just three months. The Volkswagen Group, including brands like VW and Seat, surpassed 132,000 registrations in 2024, followed closely by Renault, which, including Dacia, reached 119,000 units sold.
